Oracle, GE Capital in financial services partnership

Redwood Shores, Sep 9

Oracle Corp, the largest provider of software for e-business,

has announced that GE Capital Commercial Services, a global provider of working

capital and accounts receivable services, will offer payment protection and

billing services to suppliers on Oracle powered industry and private exchanges

to streamline the payment and collection process.

GE Capital's international Exchange Payment Facility will help

manage the financial risks of suppliers on OracleExchange.com, an open,

horizontal marketplace, and other affiliated exchanges, built on the Oracle

Exchange Platform, by assuring that sellers will receive timely payments

consistent with the terms of each invoice.

Through the Exchange Payment Protection Facility, GE Capital

Commercial Services can invoice exchange buyers on behalf of the exchange's

participating suppliers, collect payments from buyers and forward the payments

to suppliers. If the buyer does not submit payment within the time specified by

the invoice, GE Capital Commercial Services can pay the supplier and initiate

collection efforts with the buyer.

The Exchange Payment Facility is expected to be available

initially to participants in France, Germany, Hong Kong, Japan, Singapore,

Taiwan, United Kingdom and the United States and will support commonly used

currencies.

"Our role is to enable the transactions driving Oracle's

e-business model," said Joe Krum, President, GE Capital Commercial

Services.

Unlike many competing exchange vendors, the Oracle Exchange

Platform already provides built-in billing and revenue collection functionality

for flexible pricing, invoicing, payment options and settlement. Through

unmatched integration with the Oracle E-Business Suite, companies can import

exchange transactions into Oracle Accounts Receivable to issue invoices

according to billing cycles, and process and settle payments online.

Additionally, the Oracle Exchange Platform provides participants

with Online Bill Presentment and Payment capabilities that make it easier for

them to reconcile invoices and payments for exchange services.

The agreement with GE Capital Commercial Services signifies the

first of many partnerships in the area of financial services for the Oracle

Exchange platform. The portfolio of financial management services to be

available through the Oracle Exchange Platform will initially focus on

electronic credit management and payments, and then extend to include

verification and authentication notifications, trade facilitation, financial

risk management, trade financing, and bill presentment.

Integrating this partner functionality with the Oracle Exchange

Platform will provide payment card functionality, digital certificates, credit

guarantee, escrow and insurance and payment consolidation to exchange

participants.